The case involves an application filed by Asset Reconstruction Company (India) Ltd. (ARCIL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Manyata Developers Pvt. Ltd. ARCIL claims that Manyata Developers defaulted on a debt of Rs. 10,85,79,39,222 as of April 15, 2022. The debt arises from loan facilities originally extended by L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL), which were subsequently assigned to ARCIL. The application is contested by Manyata Developers, primarily on the grounds that the default occurred during the period specified under Section 10A of the IBC, which prohibits the
…M/s. Asset Reconstruction Company (India) Ltd. (ARCIL) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Manyata Developers Pvt. Ltd. The petition was filed on 26.05.2022, claiming a default of Rs.10,85,79,39,222/- as of 15.04.2022. The debt originated from loan facilities provided by L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL) to Manyata Developers. These facilities were governed by loan agreements dated 26.09.2017, 23.02.2018, and 24.10.2017. Subsequently, LTHFL transferred a loan facility of Rs.115 Crores to LTFL via an assignment agreement dated 29.03.2019. ARCIL acquired
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Loan Agreement dated…
Loan Agreement dated 23.02.2018 between…
The case involves an application filed by Asset Reconstruction Company (India) Ltd. (ARCIL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Manyata Developers Pvt. Ltd. ARCIL claims that Manyata Developers defaulted on a debt of Rs. 10,85,79,39,222 as of April 15, 2022. The debt arises from loan facilities originally extended by L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL), which were subsequently assigned to ARCIL. The application is contested by Manyata Developers, primarily on the grounds that the default occurred during the period specified under Section 10A of the IBC, which prohibits the
…M/s. Asset Reconstruction Company (India) Ltd. (ARCIL) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Manyata Developers Pvt. Ltd. The petition was filed on 26.05.2022, claiming a default of Rs.10,85,79,39,222/- as of 15.04.2022. The debt originated from loan facilities provided by L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL) to Manyata Developers. These facilities were governed by loan agreements dated 26.09.2017, 23.02.2018, and 24.10.2017. Subsequently, LTHFL transferred a loan facility of Rs.115 Crores to LTFL via an assignment agreement dated 29.03.2019. ARCIL acquired
…Loan Agreement dated…
Loan Agreement dated 23.02.2018 between…